UPDATE: Regeneron Posts Upbeat Q2 Results

Regeneron Pharmaceuticals

reported better-than-expected second-quarter results. The Tarrytown, New York-based company posted quarterly earnings of $93 million, or $0.82 per share, up from $87 million, or $0.79 per share, in the year-ago quarter. Its non-GAAP net income came in at $289 million, or $2.47 per share, versus $198 million, or $1.73 per share. Its revenue climbed 45% to $666 million from $458 million. However, analysts were expecting earnings of $2.28 per share on revenue of $647.61 million. Regeneron's US sales of Eylea climbed 26% to $415 million, versus estimates of $410 million. Net product sales surged to $418 million from $334 million. GAAP research and development expenses widened to $295 million from $187 million. "Regeneron continued to make progress across all aspects of our business, delivering continued growth and another strong quarter," said Leonard S. Schleifer, M.D., Ph.D., President and Chief Executive Officer of Regeneron. Regeneron shares gained 0.35% to close at $325.44 yesterday.